Eos and iota lead continued cryptocurrency advance

August 29, 2018
Chris Wheal

Having hit their lows for the year two weeks ago cryptocurrencies have mounted something of a rally: although modest and unspectacular, it has been hard won in the context of recent market activity.

Bitcoin price rises above $7,000

The capitalisation of the entire cryptocurrency market totalled $300bn at the beginning of August, falling rapidly over the next two weeks to less than $200bn.

While the current rally has brought the total market cap back up to $230bn since 14 August, the rebound has been stuttering. Bitcoin remains down 8.4% on the month, but is up 20% since hitting its $5,898 low on the 14th.

Eos and iota

Most crypto tokens were up on Wednesday, however, with all of the top 10 by market capitalisation registering gains.

Eos and iota were the biggest gainers. Eos gained more than 14% after its announcement on Tuesday that the Eos network was creating a voting system for a savings account.

Meanwhile, iota gained more than 11% after Japanese IT group Fujitsu announced it had chosen iota to help it enable automation in the manufacturing sector.

Price round up

Here’s a round-up of the price moves of the cryptocurrency top 10 on Wednesday morning at 11am [London time]:

  • Bitcoin +2.4% at $7,084
  • Ethereum +3.1% at $294.61
  • Ripple +2% at $0.35
  • Bitcoin cash +3.4% at $565.42
  • Eos +14.3% at $6.24
  • Stellar lumens +2.4% at $0.23
  • Litecoin +4% at $62.90
  • Tether +0.1% at $1
  • Cardano +4.1% at $0.11
  • Iota +11.7% at $0.80
Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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